Yep, works just fine but can be a bummer at time when you have those short-on-patience days due to its setup and adjusting.
I'm not asleep... but that doesn't mean I'm awake.
Time is but the stream I go afishing in. Henry David Thoreau
Glad to here I am not the only one setting mine up like that. I like the thought of not having to use clips or biners.
Thought it may wear the straps a little quicker but they are cheap so not a big problem.
Just make sure you sew the loop well. There's no point buying 1600lb webbing and having the stitching in the loop tear apart with the stress.